Credit Card default
5 months ago
I have home loan, Personal loan and credit card loan from same bank. I have defaulted on my credit card.Can bank sell my home to recover credit card dues or in future can they block NOC of my home loan.Bank persons are threatening me.Please help.
A.Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for one-time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with a certain amount of fees/service charges. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for one-time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with a certain amount of fees/service charges. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
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A.Dear Client
The bank may take legal action to recover the dues, which can result in the freezing of your accounts, garnishing your wages, or attaching your assets. If the bank is the same for all your loans, they may have the right to block the NOC (No Objection Certificate) for your home loan until you clear the dues. This can hinder any future property transactions you may wish to undertake.
The bank may take legal action to recover the dues, which can result in the freezing of your accounts, garnishing your wages, or attaching your assets. If the bank is the same for all your loans, they may have the right to block the NOC (No Objection Certificate) for your home loan until you clear the dues. This can hinder any future property transactions you may wish to undertake.
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